Chile Commodities August 2017

Chile

Chile: Copper prices soar in August

September 5, 2017

Copper prices rose for the third consecutive month in August, reaching their highest level in well over two years. Copper prices averaged USD 2.95 per pound (equivalent to USD 6,493 per ton) in August, up 8.5% from July’s average price of USD 2.71 per pound. In annual terms, copper prices increased 36.8% in August.

Last month’s rise in prices was underpinned by further encouraging signs from China, the world’s number one consumer of the red metal, after manufacturing growth in the Asian giant accelerated in August. This follows the news which surfaced in late July that the Chinese government is considering a ban on imports of scrap, which could boost demand for other forms of copper, such as copper concentrate or refined metal. Speculative buying has likely also played a role in buoying prices, with investors wagering that the rise in the number of electric vehicles will boost demand for the metal.

Panelists participating in the LatinFocus Consensus Forecast expect copper prices to average USD 2.58 per pound in 2017 and USD 2.64 per pound in 2018.


Author:, Economist

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Chile Commodities September 2017 1

Note: Cash seller and settlement price.
Source: Thomson Reuters.


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